New Home Inventories Plummet
Months of supply declined to 6.7 in March from 8.6 in February. This is significantly below the all time record of 12.4 months of supply set in January 2009, but still higher than normal.New home sales are counted when the contract is signed, so this pickup in activity is probably related to the tax credit. Note that that a few thousand extra sales NSA in March
It's Baaaaack! (Inflation)
From the Leggett & Platt earnings call:
Karl Glassman - Leggett & Platt, Incorporated - EVP, COO
“…If there is a difference today, it is the magnitude and the variety of inflation. From our finished bedding and furniture customers' standpoint not only are they getting it from steel but they are seeing it -- everything petrochemical-based.
“So they are getting foam increases, fiber increases. The leather guys are seeing huge inflation in hides. Cardboard. All the MDFs [medium-density fiberboards]. So it is a challenge.
“Historically the retailers have said to the manufacturing customers, we won't let you pass through. Our manufacturer customers are in a squeeze. They have to pass it through at retail. The magnitude and the velocity of this, retail has to move this time.”
“…If there is a difference today, it is the magnitude and the variety of inflation. From our finished bedding and furniture customers' standpoint not only are they getting it from steel but they are seeing it -- everything petrochemical-based.
“So they are getting foam increases, fiber increases. The leather guys are seeing huge inflation in hides. Cardboard. All the MDFs [medium-density fiberboards]. So it is a challenge.
“Historically the retailers have said to the manufacturing customers, we won't let you pass through. Our manufacturer customers are in a squeeze. They have to pass it through at retail. The magnitude and the velocity of this, retail has to move this time.”
MONDAY, APRIL 19, 2010
Taxes Witheld by Govt Abysmal
Tax Withholding
Below is an update of the most recent US Treasury tax withholding picture. As one can very plainly see it is getting worse, on both a week over week, a YTD cumulative basis, and, probably most relevantly to some readers, on a 4 week running bucket cumulative basis. In the week ended April 16, the US Treasury collected $29.3 billion, 10% less than the comparable week in the prior year when $32.5 billion was withheld. Cumulatively, the difference is now at an almost 2010 high, hitting a $16.7 billion difference between the YTD period and the comparable period in 2009 (only highest cum total was in Week 2).
Below is an update of the most recent US Treasury tax withholding picture. As one can very plainly see it is getting worse, on both a week over week, a YTD cumulative basis, and, probably most relevantly to some readers, on a 4 week running bucket cumulative basis. In the week ended April 16, the US Treasury collected $29.3 billion, 10% less than the comparable week in the prior year when $32.5 billion was withheld. Cumulatively, the difference is now at an almost 2010 high, hitting a $16.7 billion difference between the YTD period and the comparable period in 2009 (only highest cum total was in Week 2).
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